SAP & SAP Fioneer's leadership shines: Transforming financial services with industry giants

SAP and SAP Fioneer's pivotal role in reshaping financial landscapes across the Asia Pacific was highlighted at the recent SAP & SAP Fioneer Financial Services Forum Asia Pacific.

In recent years, SAP and SAP Fioneer have emerged not only as technology providers but as transformative forces pushing for innovation and reshaping industry standards. The recent SAP & SAP Fioneer Financial Services Forum Asia Pacific brought together global leaders from Deutsche Bank, Citibank, Mizuho, and more, illuminating SAP's impact on the financial sector.

The forum featured a mix of panel discussions and keynotes from business leaders across the globe who are using SAP technology. Participants were able to gain key insights, underscoring SAP's leadership and its role as a trusted partner in financial transformations and initiatives.

SAP's Holistic Proposition for Growth

At the core of SAP's impact is the synergy between SAP and SAP Fioneer. Together, they champion a comprehensive proposition to address the challenges faced by financial institutions and pave the way for growth. SAP offers industry-grade innovative platforms spanning all functions from a financial institution's business, from Finance, HR, procurement, risk and technology. Simultaneously, SAP Fioneer also provides industry-depth solutions. This approach positions SAP as a strategic partner, offering not just solutions but also a blueprint for financial excellence.

The Human Element and Going Beyond Technology

Standard Chartered Bank’s Tom Pfaff, shared their transformative journey in partnership with SAP and SAP Fioneer. Pfaff highlighted SCB’s modernisation of key functions, including finance, HR, and sourcing. He also underscored the pivotal role of people in successful transformation programmes, echoing the forum’s overarching theme that successful transformations are rooted in individuals. 

Discussions delved into how successful transformations hinge on the engagement and development of people, reinforcing SAP's commitment to a tech-driven yet personalised approach. "We realised it wasn’t about technology. Eighty percent of programmes that succeed focus on people," Pfaff stated, elevating SAP beyond being a technology provider to a collaborator invested in the human aspects of financial evolution. To the point of people, Handri Youstanto, in his keynote emphasised that deploying an industry-grade HR platform from SAP has given Bank Danamon a competitive edge in hiring and nurturing the talent needed to be successful in this very competitive market.

Innovation and AI

Ashutosh Kumar of Mizuho Bank, Mark Verwijs of Rabobank, and Dr. Kim Oosthuizen of SAP, for their part, explored the transformative potential of artificial intelligence (AI) in reshaping revenue-generating businesses. Discussions ranged from AI's influence on customer insights, transaction monitoring, and risk & compliance to the challenges and solutions associated with cutting-edge technologies like generative AI. Stressing the importance of a robust ecosystem, they also emphasised co-creating innovative solutions to unlock more value in an intensely competitive market.

Connectivity: Elevating Customer Relationships

Corporate-to-bank connectivity took centre stage as well, as a top priority for revenue-generating businesses. Gintare Zukauskaite of Citibank provided commentary citing Citibank's utilisation of SAP Multi-Bank Connectivity (MBC), putting a spotlight on SAP's role in reshaping connectivity and driving customer stickiness. 

Strategic Vision with What-If Scenarios and Risk Management

SAP's role as an enabler for forward-thinking scenarios and risk mitigation positions it as a catalyst for strategic decision-making. This is further exemplified as Barry Khoo of Standard Chartered Bank emphasised the importance of "what-if" scenarios, with SAP Profitability and Performance Management being brought to the fore as a complementary solution to finance transformation and business objectives. Elliot Heitman of BOQ further highlighted this with insights into proactive risk management and providing a strategic vision for financial institutions.

Customer-Centric Tailored Solutions and Navigating Regulatory Waters

Beyond facilitating partnerships, SAP and SAP Fioneer are also committed to providing tailored solutions. With this, Jubin Mehta of Tune Protect Malaysia and Jerome Frey of Discovery Bank delved into the accelerated landscape of insurance, emphasising the impact of digitisation on customer behaviour, as well as the importance of serving millennials and Gen Zs who are embracing these digital shifts.

The forum addressed the intricacies of regulatory compliance as well, shedding light on the importance of IFRS17 in insurance. Discussions led by industry experts and SAP and SAP Fioneer’s customers from VIG and EY provided their strategic approaches to compliance, showcasing SAP's versatility in navigating complex regulatory waters.

Serving the Underserved: A Digital-First Mindset

Amidst the evolving financial landscape, it is important to note that some markets remain underserved, such as the small and medium enterprises (SME) market. This particular concern was delved into with a strong emphasis on a digital-first mindset, wherein delivering to digital channels is prioritised over traditional means.

Given this growing need, partnerships with key players such as SAP and SAP Fioneer can empower financial institutions to address the unique challenges faced by SMEs. This is evident in RedZed, as its Managing Director Calvin Cordle stressed, “[It] works incredibly well for us and gives us incredible flexibility. For a small organisation like ours, [it offers] stability and security.”

The SAP & SAP Fioneer Financial Services Forum Asia Pacific not only showcased SAP's technological prowess but also its collaborative spirit and commitment to the human and business aspects of transformation in financial serivces. As institutions navigate the complex digital era, SAP & SAP Fioneer stand as reliable partners, offering a comprehensive approach to innovation and growth.